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Mama L [17]
3 years ago
9

On October 15, a company received $15,000 cash as a down payment on a consulting contract. The amount was credited to Unearned C

onsulting Revenue. By October 31, 10% of the services required by the contract were completed. The company will record consulting revenue of $1,500 from this contract for October.A. TrueB. False
Business
1 answer:
VLD [36.1K]3 years ago
3 0

Answer:

True

Explanation:

The company received $15000 and credited it to the unearned consulting Revenue accounts because it had not performed any services yet.

According to the accrual principle, the company can only report the amount earned in a period. If the company achieves the required  10% of consulting services by 31st march, it will record 10 percent of $15,000 as its income.

10 percent of $15000= 10/100 x $15000

                                     =$1500

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4 0
1 year ago
Arantxa corporation has outstanding 20,000 shares of $5 par value common stock. on august 1, 2014, arantxa reacquired 200 shares
nexus9112 [7]

The journal entries to record these transactions of Arantxa corporation using the cost method are given below.

<h3>How do you define journal entries?</h3>

The journal entry can encompass numerous recordings, every of that's both a debit or a credit. The act of maintaining or making statistics of any transactions both financial or non-financial is referred to as journal entries.

The missing information in the question can be given below:

On November 1, Arantxa reissued the 200 shares at $70 per share. Arantxa had no previous treasury stock transactions. Prepare Arantxa's journal entries to record these transactions using the cost method.

As per the given information,

The journal entries for the given information are as follows:

Treasury A/c   Dr.  $16,000

          To Cash                   $16,000

Cash                       $14000

Retained Earnings $2,000

       To Treasury stock                      $16,000

Hence, the journal entries recording the given transaction relating to treasury stock are explained above.

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6 0
2 years ago
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What is the difference between total utility and marginal​ utility? A. Marginal utility represents the consumer optimum while to
Ierofanga [76]

Answer:

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The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit falls.

I hope my answer helps you

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3 years ago
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